FY 2022-23
Year-End Financial
Review
GROVERBEACH.ORG
Lorena Zarate
Finance Manager
Reporting Timeline
GROVERBEACH.ORG
June 2023
• YE estimates
presented to
Council
JulySeptember
• YE review by
staff
• Unaudited
actuals
presented to
Council
Mid-Late
September
• Audit
performed by
outside
auditors
OctoberDecember
• Prepare Annual
Comprehensive
Financial
Report (ACFR)
January 2024
• Council receive
and file ACFR
General Fund Summary
GROVERBEACH.ORG
Council Goal = 25%
GF Summary
FY 2022-23
Estimated
FY 2022-23
Unaudited
Actuals Difference
Beginning Reserves $ 6,937,300 $ 6,937,300 $ -
REVENUES:
Revenues/Transfers In 17,964,300 $ 17,840,605 (123,695) EXPENDITURES:
Operating Expenditures 15,535,258 15,424,220 (111,038)
Debt Service 109,825 178,554 68,729
Transfers Out/Other 1,089,175 540,027 (549,148)
TOTAL EXPENDITURES 16,734,258 16,142,801 (591,457)
Annual Surplus $ 1,230,042 $ 1,697,804 $ 467,762
Wastewater Fund Repayment (142,000) (142,000) -
Estimated CIP & Other Carryovers (1,375,000) (2,356,473) (981,473) Ending Reserves $ 6,650,342 $ 6,136,631 $ (513,711)
% of Operating Expenditures 48% 42% -6%
-
2 4
6 8
10 12
14 16
2018 2019 2020 2021 2022 2023 Unaudited
MILLIONS MILLIONS
Property Sales & Use Cannabis Transient Occupancy Franchise Fees Other General Fund Tax Revenue by Fiscal Year
GROVERBEACH.ORG
$14.6M
Total
Measure F-20
= $2.5M
$1.5M
$1.9M $953K
$2.7M $2.8M $3.8M
$5.6M
$2.4M
$952K
$580K Cannabis 20%
drop from FY
22; 50% drop
from FY 21 $7.6M
Total
$2.2M
$5.1M
Sales Tax is now
#1 Tax Revenue
$4.2M $4.5M $4.7M $4.9M
$433K
$433K
$5.5M
$5.9M
$1.2M
$914K
General Fund Expenditures – FY 2022-23
GROVERBEACH.ORG
Approximately $2M in CIP projects not completed in
FY 2022-23 will be carried over to FY 2023-24 include:
• West Grand Ave Streetscape - $1.67M
• City Corporation Yard Improvements - $100,000
• Local Street Rehabilitation Program - $51,000
• North 12th Street Sidewalk - $10,000
• Train Station Stormwater Alternate Compliance - $30,000 • Facilities Conditions and Needs Assessment - $138,500 General Fund Expenditures – FY 2022-23
GROVERBEACH.ORG
Approximately $350,000 in Capital and Other Expenditures that were budgeted in FY 2022-23 but not completed or purchased during the year and will be carried over to FY 2023-24 include:
• Circulation Element and Noise Element - $101,000
• Electronic Filing System - $5,000
• Server and Other Maintenance - $83,500
• Asset Management System - $29,300
• Police Van - $135,000
Water Fund
GROVERBEACH.ORG
Revenue
• Lower than estimated by $200K due to:
• Lower water usage due to water
conservation efforts
• Winter Storms, higher rainfall
Expense
• Higher than estimated
by $1.6M due to:
• Capital Projects,
including Central
Coast Blue project
Wastewater Fund
GROVERBEACH.ORG
Revenue
• Higher than estimated by
$163K mainly due to transfer
in of for sewer upgrade
Expense
• $455K lower due to
higher estimates than
actual for CIP projects
not completed
Recommendation
GROVERBEACH.ORG
• Receive information on the FY 2022-23 Year-End
Financial Review and provide direction to staff; or
• Provide alternative direction to staff
Reminder:
• Staff will return to the Council in November 2023 and February 2024 with additional reports on the City’s
current year financial condition.
Questions and Comments
GROVERBEACH.ORG